Bank Act

Marginal note:Examination of banks

• 659 (1) The Commissioner, from time to time but at least once in each calendar year, shall make or cause to be made any examination and inquiry that the Commissioner considers necessary for the purposes of satisfying the Commissioner that the applicable consumer provisions are being complied with and, after the conclusion of each examination and inquiry, shall report on it to the Minister.

• Marginal note:Special audit

  (1.1) The Commissioner may direct that a special audit of a bank or authorized foreign bank be made in accordance with any terms and conditions that he or she considers appropriate if, in the opinion of the Commissioner, it is required for the purposes of the administration of the Financial Consumer Agency of Canada Act and the consumer provisions, and may appoint for that purpose a firm of accountants qualified under subsection 315(1) to be an auditor of the bank or authorized foreign bank.

• Marginal note:Report to Commissioner

  (1.2) A bank or authorized foreign bank in respect of which a special audit is made under subsection (1.1) shall provide the Commissioner with the results of the audit.

• Marginal note:Expenses payable

  (1.3) The expenses incurred in respect of any special audit made under subsection (1.1) are payable by the bank or authorized foreign bank that is the subject of the audit.

• Marginal note:Access to records of bank

  (2) The Commissioner, or a person acting under the Commissioner’s direction, in carrying out his or her duties under this section

  • (a) has a right of access to any records, including electronic records, of a bank, authorized foreign bank or external complaints body; and

  • (b) may require the directors or officers of a bank, authorized foreign bank or external complaints body to provide information and explanations, to the extent that they are reasonably able to do so, in respect of any matter subject to examination, inquiry or audit under this section.